August 2022
Lakes Commercial Developments Limited (LCD), is a 50/50 joint venture between TBP Properties Limited (TPB) and Quayside Properties Limited (QPL)*. LCD purchased 105 Old Taupo Road in Rotorua with a view to developing the site for long-term commercial returns to benefit our shareholder and the wider Bay of Plenty community.
This development has now come to fruition with the opening of Ford General Motor Group’s new car yard.
QPL and TPB have worked together to increase the value of this asset, in line with a broader Quayside strategy to facilitate re-development of assets in the Bay of Plenty Region. The project involved a significant demolition of the two old buildings on the site in 2021 and substantial feasibility investigations to determine the highest and best use for the site. In 2021 LCD secured interest from Central Motor Group to develop a purpose-build car yard on the site, in prime location with a secure long-term lease. The property provides LCD and Quayside with significant commercial returns, forming an important part of the larger Quayside portfolio.
The high-quality nature of the development (buildings and improvements) has significantly added to the overall value of the site as well as providing an overall improvement to the street scape and gentrification of the area as old, dilapidated stock is replaced with a new development.
Sam Newbury, LCD Director and Quayside’s Senior Investment Manager, states that
“It is great to get this project completed. We identified TPB as a partner a couple of years ago and completing our second project on time and under budget in very trying market conditions really validates our approach of choosing the best local partners. More importantly, it validates our model of investing in regional development projects; this boosts the overall return of our portfolio but also provides broader benefits to the region by stimulating economic activity”.
LCD and Ford General Motor Group are thrilled with the outcome, with the recent opening in July 2022. The Ford team are now enjoying their new premises.
* Quayside Properties Limited is wholly owned by Quayside Holding Limited (Quayside).
